The US economy shrank 0.5% in the first quarter, much faster than previously reported
Washington
CNN
—
The US economy contracted in the beginning of the year at a much faster pace than previously reported, as tariff fears took a much greater toll on economic growth.
Gross domestic product, the broadest measure of economic output, registered an annualized rate of -0.5% from January through March,
Read MoreUS economy shrank 0.5% in Q1 on import surge ahead of tariffs
The US economy contracted more than previously estimated in the first three months this year, according to government data released Thursday, with consumer spending and exports weaker than expected.
US GDP decreased at an annual rate of 0.5 percent in the first quarter, according to the Department of Commerce, down from an earlier estimate of a 0.2 percent decline.
» Read more about: US economy shrank 0.5% in Q1 on import surge ahead of tariffs »
Read MoreU.S. economy shrank 0.5% between January and March, worse than earlier estimates revealed
Consumer spending also slowed sharply, expanding just.0.5%, down from a robust 4% in fourth-quarter 2024 and sharp downgrade from the Commerce Department’s previous estimate.
A category within the GDP data that measures the economy’s underlying strength rose at a 1.9% annual rate from January through March, down from 2.9% in the fourth quarter of 2024.
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Read MoreFears that 10pc ‘baseline’ tariff on EU goods entering US could pose major challenges for Irish economy
The Tánaiste, Simon Harris, is expected to inform the cabinet of the need to seek exclusions from such start off for key sectors, including scope for zero-for-zero arrangements for key sectors, as well as clarity on the outcome of the Sector 232 investigations, including on pharmaceuticals, semi-conductors and aviation.
Talks between the EU and US are due to conclude before next Wednesday,
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